Lenskart raising over USD 275 mn from Softbank Vision Fund

Team Udayavani, Dec 20, 2019, 3:55 PM IST

New Delhi: Eyewear retailer Lenskart on Friday said it is raising over USD 275 million (nearly Rs 1,956 crore) from Softbank Vision Fund.

The investment will be utilized for augmenting Lenskart’s tech capabilities and strengthening its supply chain infrastructure.

“Lenskart is raising USD 275+ million from Softbank Vision Fund, including some stake sale from early investors,” a company statement said.

A large part of this investment will go towards building next-generation technology and supply chain to deliver the next billion glasses with focus on quality, best pricing and customer experience, Lenskart founder and CEO Peyush Bansal said. Avendus Capital was the exclusive financial advisor to this transaction.

Founded in 2010, Lenskart is an omnichannel retailer of eyewear. It has a presence in offline retail through over 500 stores across more than 100 cities in the country.

Lenskart counts among its investor’s names like Ratan Tata, PremjiInvest, IFC (venture capital arm of the World Bank), TPG Growth, IDG Ventures, Unilazer Ventures, and Adveq.